Navitas Semiconductor Corporation (Nasdaq: NVTS), the industry
leader in GaN Power ICs, today announced unaudited financial
results for the first quarter ended March 31, 2022.
Net revenues for the quarter increased to $6.7 million, up 27%
from the first quarter of 2021. GAAP gross margin for the quarter
was 44.0%.
GAAP loss from operations for the quarter was $35.0 million,
compared to a loss of $7.3 million in Q1 2021. On a non-GAAP basis,
loss from operations for the quarter was $9.6 million, compared to
$5.3 million in Q1 2021. GAAP earnings per diluted share were
$0.61, compared to a GAAP loss of $0.37 per share in the first
quarter of 2021, while non-GAAP net loss for the quarter was $0.08
per share compared to a net loss of $0.27 per share in Q1 2021.
“We are pleased with our execution in Q1,” said Gene Sheridan,
CEO and co-founder. “We have reinforced our #1 position in mobile
fast and ultra-fast chargers – reaching over 50,000,000 units
shipped with zero reported GaN-related field-failures – and we are
on track with GaN, system R&D and customer developments for our
expansion into broader consumer, data center, solar and EV
markets.”
Customer / Product Highlights
Navitas is in mass production with 9 of the top 10 mobile OEMs,
with 10 of 10 targeted by the end of the year. New wins for
mobile-phone chargers include:
- Samsung’s flagship Galaxy S22 Ultra and S22+ smartphones
(recommended, 45W for fastest charging)
- vivo’s new 8”-folding-screen flagship ‘X Fold’ (in-box, 80W
dual USB-C, 0-100% in only 37 minutes)
- Motorola edge+ as featured on the Nasdaq Tower in New York’s
Times Square (in-box, 68W, 1 W/cc power density, 0-50% charge in
only 15 minutes)
- Xiaomi AMG Mercedes Formula 1 version (in-box, 120W ultra-fast,
0-100% in only 37 minutes)
- Realme GT Neo 3 launched at Mobile World Congress with the
world’s fastest charge time – 0-50% in only 5 minutes (in-box,
150W, 1.5 W/cc power density)
Laptop wins include:
- Dell’s new XPS Plus, launched in April (in-box, 60W)
- Xiaomi 14” and 15” laptops launched in April (in-box,
100W)
- Lenovo Legion 5 Gen 7 gaming laptops, with Nasdaq co-op
promotion (recommended, 135W, 40% smaller, fast charges the massive
80 WHr battery 0-100% in only 67 minutes)
Navitas’ highest-power GaN power IC, the NV6169, has been
launched at the prestigious PCIM Europe conference with 50% more
power capability for TV, game console and some data center
applications. Additional high-power GaNFast™ ICs are being sampled
with significant customer developments underway at data center,
solar and EV customers.
In March, based on excellent field reliability and the results
of extensive life testing, Navitas announced the industry’s first
20-year limited warranty, strengthening the company’s position to
expand in to higher-power, and higher-reliability markets.
In January, Navitas published the wide-bandgap industry’s first
sustainability report that comprehensively quantifies the positive
impact of GaN power semiconductors on climate change based on
global standards. And today Navitas announced it is the first
semiconductor company worldwide to achieve CarbonNeutral™ status as
accredited by third-party industry-reference, Natural Capital
Partners. This verification is another milestone in Navitas’
mission to “Electrify Our World™” – and help customers reach their
own environmental goals.
Business Outlook
Second quarter 2022 net revenues are expected to be between $8.0
and $9.0 million. This guidance factors in some short-term impact
from China COVID-related shutdown softness in the supply chain, and
in demand for smartphones, which is partially offset by stronger
sales from new customers in other regions. Full-year 2022 net
revenues are expected to double compared to 2021, as accelerated
customer wins and regional expansion offset slightly
lower-than-expected Q2 revenues. GAAP gross margin is expected to
be approximately 41% (+/- 1%) for the second quarter and 42%
(+/-1%) for the full year.
Earnings Webcast
Navitas will hold a public webcast at 2:00 p.m. PDT today to
discuss first quarter 2022 results. The live public webcast can be
accessed on Navitas’ Investor Relations website at
https://edge.media-server.com/mmc/p/prudpkfg. A toll-free dial-in
is also available at: (844) 467-8023 or (270) 215-9485, Conference
ID: 3796294. A webcast replay will be available.
Non-GAAP Financial Measures
This press release and statements in our public webcast include
financial measures that are not calculated in accordance with
generally accepted accounting principles (“GAAP”), which we refer
to as “non-GAAP financial measures”, including (i) non-GAAP
operating expenses and (ii) non-GAAP net loss from operations. Each
of these non-GAAP financial measures is adjusted from GAAP results
to exclude certain expenses, which are outlined in the
“Reconciliation of Non-GAAP Financial Measures to GAAP Results” in
the tables below. We believe these non-GAAP financial measures
provide investors with useful supplemental information about our
operating performance and enable comparison of financial trends and
results between periods where certain items may vary independent of
business performance. We believe these non-GAAP financial measures
offer an additional view of our operations that, when coupled with
the GAAP results and the reconciliations to corresponding GAAP
financial measures, provide a more complete understanding of the
results of operations. However, these non-GAAP financial measures
should be considered as a supplement to, and not as a substitute
for, or superior to, the corresponding measures calculated in
accordance with GAAP.
Cautionary Statement Regarding Forward-Looking
Statements
This press release, including the paragraph headed “Business
Outlook”, includes “forward-looking statements” within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements may be identified by the use of words
such as “we expect” or “are expected to be”, “estimate,” “plan,”
“project,” “forecast,” “intend,” “anticipate,” “believe,” “seek,”
or other similar expressions that predict or indicate future events
or trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding estimates and forecasts of other financial and
performance metrics and projections of market opportunity and
market share. These statements are based on various assumptions,
whether or not identified in this press release. These statements
are also based on current expectations of the management of Navitas
and are not predictions of actual performance. Such forward-looking
statements are provided for illustrative purposes only and are not
intended to serve as, and must not be relied on by any investor as,
a guarantee, an assurance, a prediction or a definitive statement
of fact or probability. Actual events and circumstances are
difficult or impossible to predict and will differ from assumptions
and expectations. Many actual events and circumstances that affect
performance are beyond the control of Navitas. Forward-looking
statements are subject to a number of risks and uncertainties,
including the possibility that the expected growth of Navitas’
business will not be realized, or will not be realized within the
expected time period, due to, among other things: Navitas’ goals
and strategies and its ability to achieve and implement them, the
success of future business development efforts, Navitas’ financial
condition and results of operations; Navitas’ customer
relationships and ability to retain and expand these customer
relationships; Navitas’ ability to accurately predict future
revenues for the purpose of appropriately budgeting and adjusting
Navitas’ expenses; Navitas’ ability to diversify its customer base
and develop relationships in new markets; Navitas’ ability to scale
its technology into new markets and applications; the effects of
competition on Navitas’ business, including actions of competitors
with an established presence and resources in markets we hope to
penetrate; the level of demand in Navitas’ customers’ end markets,
both generally and with respect to successive generations of
products or technology; Navitas’ ability to attract, train and
retain key qualified personnel; changes in government trade
policies, including the imposition of tariffs; the impact of the
COVID-19 pandemic on Navitas’ business, results of operations and
financial condition; the impact of the COVID-19 pandemic on the
global economy, including but not limited to Navitas’ supply chain
and the supply chains of customers and suppliers; regulatory
developments in the United States and foreign countries; and
Navitas’ ability to protect its intellectual property rights. These
and other risk factors are discussed in the Risk Factors section
beginning on p. 11 of our Annual Report on Form 10-K for the year
ended December 31, 2021, which we filed with the Securities and
Exchange Commission (the “SEC”) on March 31, 2022 and as thereafter
amended, and in other documents we filed with the SEC. If any of
these risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
Navitas is not aware of or that Navitas currently believes are
immaterial that could also cause actual results to differ
materially from those contained in the forward-looking statements.
In addition, forward-looking statements reflect Navitas’
expectations, plans or forecasts of future events and views as of
the date of this press release. Navitas anticipates that subsequent
events and developments will cause Navitas’ assessments to change.
However, while Navitas may elect to update these forward-looking
statements at some point in the future, Navitas specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Navitas’ assessments as
of any date subsequent to the date of this press release.
About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is the industry leader
in GaN power ICs, founded in 2014. GaN power ICs integrate GaN
power with drive, control, protection and sensing to enable faster
charging, higher power density and greater energy savings for
mobile, consumer, enterprise, eMobility and new-energy markets.
Over 145 Navitas patents are issued or pending, and over 50 million
units have been shipped with zero reported GaN field failures.
Sustainability is a core focus, as every GaNFast power IC shipped
saves 4 kg of CO2 emissions. Navitas rang the Nasdaq opening bell
and started trading on Nasdaq on October 20th, 2021.
Contact Information
Media Graham Robertson, CMO Grand
BridgesGraham@GrandBridges.com
InvestorsStephen Oliver, VP Corporate Marketing & Investor
Relationsir@navitassemi.com
Navitas Semiconductor and the Navitas logo are trademarks or
registered trademarks of Navitas Semiconductor Limited. All other
brands, product names and marks are or may be trademarks or
registered trademarks used to identify products or services of
their respective owners.
NAVITAS SEMICONDUCTOR CORPORATION |
CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) -
UNAUDITED |
(dollars in thousands, except per-share
amounts) |
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
|
2022 |
|
|
|
2021 |
|
NET
REVENUES |
$ |
6,740 |
|
|
$ |
5,317 |
|
COST OF
REVENUES |
|
3,777 |
|
|
|
2,959 |
|
GROSS
PROFIT |
|
2,963 |
|
|
|
2,358 |
|
OPERATING EXPENSES: |
|
|
|
Research and development |
|
13,413 |
|
|
|
4,254 |
|
Selling, general and administrative |
|
24,544 |
|
|
|
5,369 |
|
Total operating expenses |
|
37,957 |
|
|
|
9,623 |
|
LOSS
FROM OPERATIONS |
|
(34,994 |
) |
|
|
(7,265 |
) |
OTHER
INCOME (EXPENSE), net: |
|
|
|
Interest income (expense), net |
|
(24 |
) |
|
|
(61 |
) |
Gain from change in fair value of warrants |
|
51,763 |
|
|
|
— |
|
Gain from change in fair value of earnout liabilities |
|
63,406 |
|
|
|
— |
|
Other expense |
|
(356 |
) |
|
|
— |
|
Total other income (expense), net |
|
114,789 |
|
|
|
(61 |
) |
INCOME
(LOSS) BEFORE PROVISION FOR INCOME TAXES |
|
79,795 |
|
|
|
(7,326 |
) |
PROVISION FOR INCOME TAXES |
|
3 |
|
|
|
19 |
|
NET
INCOME (LOSS) |
$ |
79,792 |
|
|
$ |
(7,345 |
) |
NET
INCOME (LOSS) PER SHARE: |
|
|
|
Basic |
$ |
0.67 |
|
|
$ |
(0.37 |
) |
Diluted |
$ |
0.61 |
|
|
$ |
(0.37 |
) |
SHARES
USED IN PER-SHARE CALCULATION: |
|
|
|
Basic |
|
119,542 |
|
|
|
19,741 |
|
Diluted |
|
131,149 |
|
|
|
19,741 |
|
|
|
|
|
SUPPLEMENTAL INFORMATION: |
|
|
|
|
Three Months Ended |
|
March 31, |
|
|
2022 |
|
|
|
2021 |
|
Stock-based compensation expenses included in: |
|
|
|
Net
revenues |
$ |
— |
|
|
$ |
113 |
|
Research
and development |
|
7,494 |
|
|
|
206 |
|
Selling,
general and administrative |
|
17,832 |
|
|
|
1,516 |
|
Total
stock-based compensation expense |
$ |
25,326 |
|
|
$ |
1,835 |
|
Research
and development includes: |
|
|
|
Amortization of acquisition-related intangible assets |
|
88 |
|
|
|
99 |
|
NAVITAS SEMICONDUCTOR CORPORATION |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP
RESULTS |
(dollars in thousands, except per-share
amounts) |
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
|
2022 |
|
|
|
2021 |
|
RECONCILIATION OF
GROSS PROFIT MARGIN |
|
|
|
GAAP gross profit |
$ |
2,963 |
|
|
$ |
2,358 |
|
GAAP gross profit margin |
|
44.0 |
% |
|
|
44.3 |
% |
Stock-based compensation expense included in net revenues |
|
— |
|
|
|
113 |
|
Non-GAAP gross profit |
$ |
2,963 |
|
|
$ |
2,471 |
|
Non-GAAP gross profit margin |
|
44.0 |
% |
|
|
45.5 |
% |
RECONCILIATION OF
OPERATING EXPENSES |
|
|
|
GAAP Operating expenses |
$ |
37,957 |
|
|
$ |
9,623 |
|
Less: Stock-based compensation expenses included in: |
|
|
|
Research and development |
|
7,494 |
|
|
|
206 |
|
Selling, general and administrative |
|
17,832 |
|
|
|
1,516 |
|
Total |
$ |
25,326 |
|
|
$ |
1,722 |
|
Amortization of acquisition-related intangible assets |
|
88 |
|
|
|
99 |
|
Non-GAAP operating expenses |
$ |
12,543 |
|
|
$ |
7,802 |
|
RECONCILIATION OF LOSS
FROM OPERATIONS |
|
|
|
GAAP loss from operations |
$ |
(34,994 |
) |
|
$ |
(7,265 |
) |
GAAP operating margin |
(519.2 |
)% |
|
(136.6 |
)% |
Add: Stock-based compensation expenses included in: |
|
|
|
Net revenues |
|
— |
|
|
|
113 |
|
Research and development |
|
7,494 |
|
|
|
206 |
|
Selling, general and administrative |
|
17,832 |
|
|
|
1,516 |
|
Total |
|
25,326 |
|
|
|
1,835 |
|
Amortization of acquisition-related intangible assets |
|
88 |
|
|
|
99 |
|
Non-GAAP loss from operations |
$ |
(9,580 |
) |
|
$ |
(5,331 |
) |
Non-GAAP operating margin |
(142.1 |
)% |
|
(100.3 |
)% |
RECONCILIATION OF NET
LOSS PER SHARE |
|
|
|
GAAP net income (loss) |
$ |
79,792 |
|
|
$ |
(7,345 |
) |
Adjustments to GAAP net loss |
|
|
|
Total stock-based compensation |
|
25,326 |
|
|
|
1,835 |
|
Amortization of acquisition-related intangible assets |
|
88 |
|
|
|
99 |
|
Gain from change in fair value of warrants |
|
(51,763 |
) |
|
|
— |
|
Gain from change in fair value of earnout liabilities |
|
(63,406 |
) |
|
|
— |
|
Other expense |
|
356 |
|
|
|
— |
|
Non-GAAP net loss |
$ |
(9,607 |
) |
|
$ |
(5,411 |
) |
Average shares outstanding for calculation of non-GAAP net loss per
share (basic and diluted) |
|
119,542 |
|
|
|
19,741 |
|
Non-GAAP net loss per share (basic and diluted) |
$ |
(0.08 |
) |
|
$ |
(0.27 |
) |
NAVITAS SEMICONDUCTOR CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(dollars in thousands) |
|
|
(Unaudited) |
|
|
|
|
March 31,2022 |
|
December 31,2021 |
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ |
253,797 |
|
$ |
268,252 |
Accounts receivable, net |
|
|
9,621 |
|
|
8,263 |
Inventories |
|
|
13,130 |
|
|
11,978 |
Prepaid expenses and other current assets |
|
|
2,988 |
|
|
2,877 |
Total current assets |
|
|
279,536 |
|
|
291,370 |
PROPERTY AND EQUIPMENT, net |
|
|
2,471 |
|
|
2,302 |
OPERATING LEASE RIGHT OF USE ASSETS |
|
|
1,391 |
|
|
— |
INTANGIBLE ASSETS, net |
|
|
82 |
|
|
170 |
OTHER ASSETS |
|
|
3,423 |
|
|
1,759 |
Total assets |
|
$ |
286,903 |
|
$ |
295,601 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Accounts payable and other accrued expenses |
|
$ |
5,216 |
|
$ |
4,860 |
Accrued compensation expenses |
|
|
3,604 |
|
|
2,639 |
Current portion of operating lease liabilities |
|
|
844 |
|
|
— |
Current portion of long-term debt |
|
|
3,200 |
|
|
3,200 |
Other liabilities |
|
|
17 |
|
|
29 |
Total current liabilities |
|
|
12,881 |
|
|
10,728 |
LONG-TERM LIABILITIES: |
|
|
|
|
LONG-TERM DEBT |
|
|
2,919 |
|
|
3,716 |
OPERATING LEASE LIABILITIES NONCURRENT |
|
|
600 |
|
|
— |
WARRANT LIABILITY |
|
|
— |
|
|
81,388 |
EARNOUT LIABILITY |
|
|
70,767 |
|
|
134,173 |
OTHER LIABILITIES |
|
|
— |
|
|
60 |
Total liabilities |
|
|
87,167 |
|
|
230,065 |
STOCKHOLDERS’ EQUITY: |
|
|
|
|
Total stockholders’ equity |
|
|
199,736 |
|
|
65,536 |
Total liabilities and stockholders’ equity |
|
$ |
286,903 |
|
$ |
295,601 |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a85e5b13-f950-40d2-b598-567d898bcdb0
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